Published: February 28, 2024 at 5:37 PM ET
Written by Stuart Condie
SYDNEY — Australian casino operator Star Entertainment reported a 43% decline in first-half normalized net profit as tightened gaming regulations and weaker consumer spending hurt revenue.
The ASX-listed company on Thursday reported normalized net profit of A$25 million for the six months to December.
Written by Stuart Condie
SYDNEY — Australian casino operator Star Entertainment reported a 43% decline in first-half normalized net profit as tightened gaming regulations and weaker consumer spending hurt revenue.
The ASX-listed company on Thursday reported normalized net profit of A$25 million (US$16.2 million) for the six months to December, compared with A$43.6 million in the same period last year.
Revenue fell 15% to A$865.7 million, with Star pointing to tightened controls on its gaming floor following multiple regulatory investigations. It eliminated the increase in the number of people seeking accommodation and limited the amount of time customers could gamble.
Including one-off items, statutory net profit was reported at A$9.1 million. It posted a loss of A$1.26 billion in the same period last year, mainly due to a large impairment charge related to its Sydney casino.
Star postponed its results to the 8th after the New South Wales regulator announced a new investigation into its business, but did not declare a dividend.
Email Stuart Condie at stuart.condie@wsj.com.
